Old Kent, which carries an "accumulate" investment rating from Standard & Poor's, declared its 42nd consecutive annual dividend boost. It did so by maintaining its 22-cent-a-share rate on the greater number of shares outstanding after a 5% stock dividend effected July 14. That translates into a 5% higher payout than in the previous quarter and 15.8% above 1999's third-quarter outlay. Dividends have been ongoing since 1937.

The respective payment and record dates are September 15 and August 31. Five-percent stock distributions have been a yearly event starting back in 1995. The stock yields about 3%. Old Kent has repurchased the three million shares it authorized for buyback in June '99. Institutions control 27% of the 137 million common shares outstanding.

With assets at June 30 of approximately $22 billion, Old Kent operates nearly 300 banking offices in its home state of Michigan and in Illinois and Indiana. It also has a nationwide mortgage-lending franchise. The company continues to enjoy strong loan growth and credit quality.

Traded on the Big Board, Old Kent shares closed out 1999 at 35 3/8 , down 20% on the year. Investors became concerned over the potential impact of rising interest rates on regional banks, particularly those with mortgage-banking operations. But S&P notes that Old Kent "will likely continue to benefit from other non-interest income growth [fee-based products, for example]...as well as from cost savings from recent acquisitions." The stock currently changes hands around 30. Its 52-week high is a tad above 40, while its 52-week low is a little over 22.

Old Kent earned $2.15 a share in 1999, its 41st year in a row of record per-share profits. The pros, according to First Call, think it'll do around $2.36 in 2000 and $2.62 in 2001.

With assets of $7.5 billion, Roslyn Bancorp, the holding company for the Roslyn Savings Bank, is among the five largest publicly traded thrift institutions based in New York State. The company raised its quarterly common dividend a half-cent, to 15.5 cents a share. Payable September 12 to holders of record September 1, the dividend produces a 3.2% yield.

The company initiated payouts in May 1997 (Roslyn had its initial public offering in January of that year) at the rate of a nickel a share and has boosted them every quarter since. In June, Roslyn Bancorp announced its sixth stock-repurchase program, covering 3.3 million shares.

In July, Roslyn, which was founded in 1876, said that in reaction to the negative impact of the Federal Reserve's six interest-rate hikes since June 1999, it was repositioning its balance sheet to improve its ability to deal with rising rates, via the divestiture of some of its lowest-yielding assets. It disposed of nearly $800 million of the latter and used the proceeds to pay down short-term borrowings, fund stock buybacks and invest in a $100 million bank-owned life insurance program, anticipated to generate a yield of over 11%. Wall Street expects the company to earn $1.59 a share this year and $1.72 next, versus '99's $1.43.

Roslyn, whose shares trade on Nasdaq, is close to its 52-week high of 20 1/4 set in December. Its final '99 price of 18 1/2 represented a 14% drop on the year. Institutions own 43% of the 65 million common shares outstanding. On July 3, Roslyn joined the S&P MidCap 400 index.

LNB Bancorp, whose principal subsidiary is Lorain National Bank of Lorain, Ohio, has total assets of $614.1 million. That, CEO Gary C. Smith maintains, makes it large enough to meet the borrowing needs of most local businesses but small enough to give them personal service. "Loan demand is extremely strong," says Smith, and with net interest income and fee income rising this year, LNB has an earnings goal of $2 a share, against last year's $1.85. It has 18 consecutive years of record profits to its credit.

The company raised its quarterly common dividend to 25 cents a share from 24 cents, the third boost this year (multiple increases are a common happening). The action marks 13 straight years of enhanced disbursements and a 5% yield. LNB paid a 2% stock dividend in July. It generally pays a yearend extra as well. The new dividend will go out October 2; the record date is September 18.

Approved for listing on Nasdaq February 9, LNB set a 52-week low of 18 August 10. Its 52-week high of just over 26 occurred November 12.

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